Top 10 common errors made by companies when reporting Property, Plant, and Equipment (PPE) in financial statements. Avoid these pitfalls for accurate accounting
As per the provisions of the Companies Act 2013 (Act), a company liable to spend on Corporate Social Responsibility activities (CSR) as defined under section 135 of the Act, read with Schedule VII and the Companies (Corporate Social Responsibility Policy) Rules, 2014, can implement its CSR policy and spend its funds for CSR activities by […]
Opting for lower rate of tax under section 115BAB and getting covered under the Transfer Pricing Audit – Whether exercising the option worth the pain for compliances? 1. Background: Section 115BAB of the Income Tax Act, 1961 (hereinafter “the Act”) is applicable to a “new domestic manufacturing company” which is set up or registered on […]
Hello auditors! As the romantic rainy season is over and rosy winter season stepping in closer day by day, the festival season is all over upon us. While this is the general atmosphere for all of us, you, the company auditors have the audit season before you in full swing, thoroughly busy, and except for […]
Tax Audit -New clauses inserted by Income Tax (22nd Amendment) Rules 2020 in form 3CD with effect from 01st October 2020 1. As per the Notification No. 82/2020/F. No. 370142/30/2020-TPL dated 1st October 2020 (Notification) issued by the Central Board of Direct Taxes (CBDT), the Income Tax (22nd Amendment) Rules 2020 have been notified effective […]
In this article, an attempt is made as to how to comply with provisions related to TCS of section 206C1G(a) of Income Tax Act 1961 in respect of remittance under LRS.
Certificate for lower or nil deduction of tax is issued by the Assessing officer to the non-resident for a specified period mentioned in the certificate for which it is valid unless it is cancelled by the assessing officer.
Ministry of Corporate Affairs had issued Companies (Auditor’s Report) Order, 2020 (hereinafter “CARO 2020”) vide Order no. S.O. 849(E) dated 25th February, 2020 in place of the existing Companies (Auditor’s Report) Order, 2016 (“CARO 2016”) dated 29th March 2016. Initially, CARO 2020 was effective for the financial years commencing on or after the 1st April, […]
